mortgage insurance: Need to cancel PMI? - 03/27/13 08:43 AM
Borrowers Question:
Once I finish the three bathrooms under repairs will I be able to cancel mortgage insurance?
This could be a MAJOR issue on FHA as it is currently five years minimum but soon to be the life of the loan- pretty sad! 
But in our case it was a conventional loan on a 2nd home at 90% LTV- The Underwriter said it depends on the decision of the insurer and the servicer. Learning that the insurer for this policy was Radian I found what they had to say about it- even there it is not that clear but … (0 comments)

mortgage insurance: HAFA starts showing some changes- MGIC streamlines approval process in short sales - 04/09/10 07:41 AM
Due to HAFA making improved timelines on approving short sales, Mortgage Guaranty Insurance Corp. (MGIC) released new guidelines for servicers wanting a quicker route to approvals.
Servicers must get approvals from the lender, investors and, if applicable, insurance companies to execute the agreement. This has sometime slowed down the process for short sale providers another 1-5 weeks. The new MGIC guidelines give an automatic go-ahead if the loan meets certain criteria.
The borrower must be at least 60 days delinquent on the owner-occupied property. The loss on the sale must be less than $75,000, based on a broker price opinion (BPO) or appraisal performed … (0 comments)